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The Pace of Expansion
It is always, I presume, a question in every business just how fast it is wise to go, and we went pretty rapidly in those days, building and…
Every business must judge how fast it is wise to expand.
Growth · Decision · Action · Entrepreneur memoirs
Preparing for Financial Emergencies
We were accustomed to prepare for financial emergencies long before we needed the funds.
Secure liquidity before a crisis, not during one.
Wealth · Decision · Action · Entrepreneur memoirs
Put All Good Eggs in One Basket
I determined that the proper policy was "to put all good eggs in one basket and then watch that basket."
Concentrate on one industry and watch the basket closely.
Investing · Growth · Decision · Entrepreneur memoirs
Business Is Not Speculation
Business is merely work. Speculation in things already produced—that is not business.
Business is productive work, not speculation in existing goods.
Action · Wealth · Philosophy · Entrepreneur memoirs
The Five-Dollar Day
The payment of five dollars a day for an eight-hour day was one of the finest cost-cutting moves we ever made, and the six-dollar day wage is cheaper…
Higher wages can be a cost-cutting and productivity innovation.
Leadership · Growth · Action · Entrepreneur memoirs
The Project of Moral Perfection
It was about this time I conceiv'd the bold and arduous project of arriving at moral perfection.
Character can be trained through a deliberate, auditable project.
Character · Learning · Action · Entrepreneur memoirs
Connecting the Dots
You can only connect them looking backward, so you have to trust that the dots will somehow connect in your future.
The dots of life connect only in hindsight, so trust is required in advance.
Learning · Philosophy · Action · Entrepreneur memoirs
Your Time Is Limited
Your time is limited, so don't waste it living someone else's life … Don't let the noise of others' opinions drown out your own inner voice.
Finite time should be spent on one's own judgment, not others' expectations.
Decision · Character · Philosophy · Entrepreneur memoirs
Long-Term Market Leadership
We will continue to make investment decisions in light of long-term market leadership considerations rather than short-term profitability…
Choose long-term market leadership over short-term profit and Wall Street reactions.
Investing · Leadership · Decision · Modern investor letters
Always Day 1
Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1.
Organizations decline slowly from stasis to irrelevance and death.
Leadership · Growth · Decision · Modern investor letters
Passing On Leadership and Culture
企業領導層和組織文化的傳承一直是任何企業的最大挑戰。
Leadership and cultural succession are the hardest challenge any company faces.
Leadership · Character · Growth · Entrepreneur memoirs
A 102-Year Company
阿里巴巴將永遠堅持做一家102年的企業,我們不會改變「讓天下沒有難做的生意」這個使命。
A long-lived company keeps its mission fixed while its strategy changes.
Leadership · Philosophy · Growth · Entrepreneur memoirs
The Foundation of Innovation
创新的基础还是学术自由,有自由的学术思想、自由的研究方向,这是很重要的。
Innovation depends on academic freedom and free research directions.
Learning · Leadership · Growth · Entrepreneur memoirs
Engineers Must Understand Technology
一个不懂技术的工程师是浪费粮食。
Engineers must master technology rather than be distracted from it.
Character · Action · Leadership · Entrepreneur memoirs
Benfen and Customer Value
对于拼多多管理层来说,本分意味着专注于为消费者创造价值。
Benfen means focusing management on creating value for consumers.
Character · Leadership · Action · Entrepreneur memoirs
Two Faces of Long-Termism
拼多多将是个勇于投资未来,立足长远的公司。
Pinduoduo will invest for the long term even when that looks aggressive or conservative.
Investing · Growth · Decision · Entrepreneur memoirs
The Duty of the Rich
The man who dies thus rich dies disgraced.
Dying with vast unused wealth is a moral failure.
Wealth · Philosophy · Character · Entrepreneur memoirs
Why Virtue Is Worth Pursuing
In this piece it was my design to explain and enforce this doctrine, that vicious actions are not hurtful because they are forbidden, but forbidden…
Morality rests on harm, not merely on prohibition.
Philosophy · Character · Human nature · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 1
Probably in the life of everyone there comes a time when he is inclined to go over again the events, great and small, which have made up the…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 2
In some measure I have been associated with the most interesting people our country has produced, especially in business--men who have helped largely…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 3
It would have been a pleasure as well as a satisfaction to dwell with some fulness upon the stories of daily and intimate companionship which existed…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 4
He was a young and enthusiastic fellow, so full of his subject that he added his slogan, "$4.00 a bbl.," after his signature on the register, that no…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 5
I can never cease to wonder at his capacity for hard work. I do not often see him now, for he has great affairs on his hands, while I live like a…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 6
Speaking of Mr. Archbold leads me to say again that I have received much more credit than I deserve in connection with the Standard Oil Company. It…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 7
The great majority of my associations were made so many years ago, that I have reached the age when hardly a month goes by (sometimes I think…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 8
One of my partners, who had successfully built up a large and prosperous business, was resisting with all his force a plan that some of us favoured,…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 9
It is always, I presume, a question in every business just how fast it is wise to go, and we went pretty rapidly in those days, building and…
Direct reading
Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 10
The part played by one of my earliest partners, Mr. H.M. Flagler, was always an inspiration to me. He invariably wanted to go ahead and accomplish…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 11
It was to be expected of such a man that he should fulfil his destiny by working out some great problems at a time when most men want to retire to…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 12
This one man, by his own energy and capital, has opened up a vast stretch of country, so that the old inhabitants and the new settlers may have a…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 13
I first knew Mr. Flagler as a young man who consigned produce to Clark & Rockefeller. He was a bright and active young fellow full of vim and push.…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 14
Naturally, I came to see more of him. The business relations which began with the handling of produce he consigned to our old firm grew into a…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 15
For years and years this early partner and I worked shoulder to shoulder; our desks were in the same room. We both lived on Euclid Avenue, a few rods…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 16
"All right, J.D., I'll give you all I've got." This was all he said, but I went home that night relieved of anxiety. As it turned out, we received…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 17
And this sort of experience was not, I am grateful to say, rare with me. I was always a great borrower in my early days; the business was active…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 18
We were then shipping a large quantity of oil by lake and canal, to save in transportation, and it took additional capital to carry these shipments;…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 19
But I fear I am telling too much about banks and money and business. I know of nothing more despicable and pathetic than a man who devotes all the…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 20
During all the long period of work, which lasted from the time I was sixteen years old until I retired from active business when I was fifty-five,…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 21
Of detail work I feel I have done my full share. As I began my business life as a bookkeeper, I learned to have great respect for figures and facts,…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 22
This phrase, "diligent in business," reminds me of an old friend of mine in Cleveland who was devoted to his work. I talked to him, and no doubt…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 23
This ore trade was of great and absorbing interest at Cleveland. My old employer was paid $4 a ton for carrying ore from the Marquette regions…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 24
"Look it all over," I said, "and decide which plan is best." It was a proud moment when this real authority accepted my suggestions as bringing out…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 25
My methods of attending to business matters differed from those of most well-conducted merchants of my time and allowed me more freedom. Even after…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 26
Of all the profitable things which develop quickly under the hand, I have thought my young nurseries show the greatest yield. We keep a set of…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 27
Naturally, people of modest means lead a closer family life than those who have plenty of servants to do everything for them. I count it a blessing…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 28
We thoroughly enjoyed this little business affair, and I can still close my eyes, and distinctly see the gentle and dignified birds walking quietly…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 29
In beginning the work I had some advantages. My father's training, as I have said, was practical, the course at the commercial college had taught…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 30
For the next year, with $25 a month, I kept my position, learning the details and clerical work connected with such a business. It was a wholesale…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 31
To begin with, my work was done in the office of the firm itself. I was almost always present when they talked of their affairs, laid out their plans…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 32
As I was studying the same plumber's bills in great detail, checking every item, if only for a few cents, and finding it to be greatly to the…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 33
Passing bills, collecting rents, adjusting claims, and work of this kind brought me in association with a great variety of people. I had to learn how…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 34
We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 35
I should estimate that the salaries of that time were far less than half of what is paid for equivalent positions to-day. The next year I was offered…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 36
In those days, in Cleveland, everyone knew almost everyone else in town. Among the merchants was a young Englishman named M.B. Clark, perhaps ten…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 37
At that time, 10 per cent. a year interest was a very common rate for such loans. At the banks the rate might not have been quite so high; but of…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 38
It was a great thing to be my own employer. Mentally I swelled with pride--a partner in a firm with $4,000 capital! Mr. Clark attended to the…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 39
I went to a bank president whom I knew, and who knew me. I remember perfectly how anxious I was to get that loan and to establish myself favourably…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 40
For long years after the head of this bank was a friend indeed; he loaned me money when I needed it, and I needed it almost all the time, and all the…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 41
Mr. Handy trusted me because he believed we would conduct our young business on conservative and proper lines, and I well remember about this time an…
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Leadership · Entrepreneur memoirs
Random Reminiscences of Men and Events, Excerpt 42
The situation seemed very serious; my partner was impatient with me for refusing to yield, and in this dilemma I decided to go personally to see if I…
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Leadership · Entrepreneur memoirs